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Mortgage Sense

Episode 76 - Mortgage Sense on Chai Time Money Sense TV on Chai Time. Tara Thind from Chai Time, Channel M (Omni TV) interviews Jessi on a number of topics affecting ...

RUOFF AT INDY: Why racing sponsorship makes sense for Ruoff Home Mortgage

The Ruoff Home Mortgage-sponsored car of Carlos Muñoz awaits its turn in the tech inspection line at Indianapolis Motor Speedway last weekend. (By Justin Kenny of

INDIANAPOLIS — When Ruoff Home Mortgage elected to be a primary sponsor with Andretti Autosport for Takuma Sato last May, little did it know how it would affect the business.

One year and one Indianapolis 500 later, it is plain to see.

“Without question in every possible way it has exceeded our expectations,” said Clint Morgan, Senior Vice President and Chief Lending Officer at Ruoff Home Mortgage about car sponsorship. “It is a risk-reward thing. There is no guarantee the car is going to finish the race, the first lap or even make it into the field.

“It is having faith in who you are electing to partner with and what they are bringing to the table.”

Ruoff Home Mortgage President and CEO Mark Music has always had an affinity for racing. After connecting with Andretti Autosport a few years ago, a relationship was cultivated, culminating in last year’s primary sponsorship of Sato’s car. It was the first venture into being a primary sponsor at the Indianapolis 500 and it turned out pretty well.

Mortgage rates move lower for Friday

30-year fixed mortgages

The average rate for a 30-year fixed mortgage is 4.45 percent, a decrease of 11 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 4.46 percent.

At the current average rate, you’ll pay principal and interest of $503.72 for every $100,000 you borrow. That’s a decline of $6.54 from last week.

You can use Bankrate’s mortgage calculator to get a handle on what your monthly payments would be and see how much you’ll save by adding extra payments. It will also help you calculate how much interest you’ll pay over the life of the loan.

15-year fixed mortgages

The average 15-year fixed-mortgage rate is 3.89 percent, down 9 basis points over the last seven days.

Monthly payments on a 15-year fixed mortgage at that rate will cost around $734 per $100,000 borrowed. That may put more pressure on your monthly budget than a 30-year mortgage would, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and build equity much more rapidly.

Does it make sense to buy mortgage points by refinancing?

I know that points reduce the interest rate and they can be deducted during the life of the mortgage, but does it really make sense financially to buy mortgage points or do they cost more than the benefit they offer?

I dont see why paying 1 point to lower the interest rate 1/8% makes sense. People say its worth it when you stay long enough to meet the break even point; where the amount of interest saved equals the amount in points you spent.